Big article on the gentrification of #Parkdale in the Guardian. "Huge international real estate investment firms have embedded themselves in Parkdale’s urban fabric, buying dozens of apartment towers and thousands of rental units." /1 theguardian.com/cities/2020/ja…
Giant corporate players include:
▪️ Starlight Investments, teaming with "Blackstone, an international private equity firm that the UN recently accused of “wreaking havoc” on the global affordable housing market with “aggressive evictions” of low and middle income tenants" /2
▪️ Akelius, a Swedish real estate company with some $8bn in global assets who "identify neighbourhoods adjacent to fully gentrified districts" and "and exploit the undercapitalization of its rental housing." /3
▪️ MetCap Living (Parkdale’s biggest landlord with more than 20 apartment buildings), who were "accused of starving out tenants in 2017 on unheeded maintenance requests and issuing heavy rent increases in an effort to drive out low income tenants and attract new ones" /4
▪️ Timbercreek, private equity firm with "$10bn in assets across North America, Europe and Asia" who "bought several Parkdale buildings in the fall of 2018, including the two hulking towers on West Lodge Avenue." /5
Overview of most of #Parkdale, which stretches Dufferin to Roncesvalles, south of the tracks down to the Lake. I've highlighted the apartment buildings on Jameson and West Lodge, and you can see Doomie's of #Vegandale fame/infamy. /6
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Here's a rental eviction story a friend of mine is letting me share, from the N12 notice (family member) to the recently concluded LTB hearing. So grab a ☕️, sit back 🪑, and read this 🧵 to see the outcome. /1
July 2020 - "I texted him at 9:30am asking about cockroaches I had seen in the apartment in the last few weeks.. he replied a few hours later asking me if the type and let me know his mom would be moving in.. all in the same message with the 🙏at the end. Next day sent N12." /2
He'd lived there 9 YEARS.
"I had a feeling it was bullshit but really what could I do with no proof.. I was tempted to stay and wait for it to get tied up in the LTB, some part of me believed it was possible he was being truthful."
Since CBC Marketplace likes investigating, I thought I'd do my own investigation on the house in the Real Estate "exposé" that aired last night, which centered around this house in Vaughan. Here's a bit more info for you in this 🧵/1
The owner was complaining about how they listed on the MLS offering to pay 1% commission to the "co-operating brokerage" (buyer's agent), which is short of the more common 2.5% commission offered in the GTA market. She claimed that agents were "steering" their clients away. /2
The CBC investigation with the large sample size of 3 agents, found 2 of them appearing to discourage their buyers (don't know if they were actually clients because they didn't mention if they'd actually signed Buyer Representation Agreements, which is no small matter). /3
So CBC is running a show tonight (which I'm PRVing). Here's the article previewing it. I got emails this afternoon from TRREB and OREA about it this aft, so it might be getting some play.
Here's the Sept 2nd RECO bulletin referred to by TRREB above, and in the article where it said RECO "issued a notic ice about steering to the over 93,000 real estate agents, brokers and brokerages under its purview." /3
TRREB has released its September #torontorealestate numbers. They like to accentuate the stats that would indicate everything is awesome, but let me point out 5⃣ STATS SHOWING MARKET COOLING ❄️ /1
First let me say it's not a COLD market yet by any means. But problem is everyone just likes to look at YoY change. When you think about it, 12 months is a somewhat arbitrary period to compare to. So September sales are way ⬆️(42%) and average prices are also ⬆️ (14%) /2
1⃣ AVERAGE YoY PRICE GROWTH IS SLOWING.
In July it was +16.9%
In August it was +20.1%
In September that slowed right down to +14.0%
Note a good chunk of the price growth is due to mix (less condo apts, more detached). /3
Some weekly #torontorealestate sales numbers in this thread. Firstly, week over week pattern this year continued to follow same as last year (only couple of deviations on here, main one being Labour Day one week later this year). /1
The total sales in the 416 in the past 4 weeks cumulative have been just 1% below 2019, with this week being flat. /2
But "tale of two cities" continues, with freehold (lowrise houses) selling stronger than last year and condos (apts and townhouses combined) selling weaker of late (and didn't show the huge "pent-up demand" that houses did. /3
Bonus Tuesday #torontorealestate chart content. Here's an update weekly 416 sales year-over-year. Can see how unusually down was during COVID, then unusually up when things started re-opening. Spike week ending 9/6 was b/c normal week this year but Labour Day week last year. /1
Reverse is true for week ending 9/13 (includes Labour Day this year). That blue line was condo and freehold combined. This is separated. Can see the big YoY sales increases really driven by freeholds. /2
Here's a look at the absolute numbers underlying the freeholds. Post-June is consistently higher than last year. /3